Ontario Tax Sale Property Forum

Tax Sale Forum => General => Topic started by: Ion on October 25, 2006, 10:40:42 PM

Title: Clarification – What means 20 per cent?
Post by: Ion on October 25, 2006, 10:40:42 PM

Tenders must be submitted in the prescribed form and must be accompanied by a deposit in the form of a money order or of a bank draft or cheque certified by a bank or trust company payable to the municipality (or board) and representing at least 20 per cent of the tender amount.

Does that tender as a bid offer 20 per cent from the minimum tender amount or from the amount bided?

I participated in Wainfleet and North Kawartha tax sales offers where they accepted 20 per cent from the minimum tender amount.

Fort Erie disqualified me because I did not send 20 per cent from my bidding amount.

Title: Re: Clarification – What means 20 per cent?
Post by: Rob on October 25, 2006, 11:13:42 PM

It means 20% of your bid whatever amount that happens to be.  If you bid the minimum amount than it would be 20% of the minimum  tender.

Title: Re: Clarification – What means 20 per cent?
Post by: gap on October 26, 2006, 05:50:49 AM

Don't forget to round up instead of down...I always add 2 dollars or so, just in case my calculator is set for rounding off in error.

Title: Re: Clarification – What means 20 per cent?
Post by: Cris on October 26, 2006, 12:55:12 PM

That's right - you can't go wrong putting in a deposit of more than 20% - but you can if you put in a deposit of 19.999999999999%. 

Title: Re: Clarification – What means 20 per cent?
Post by: Frank on October 26, 2006, 01:01:07 PM

Absolutely correct, and make sure that it is 20% of your bid - not the minimum.  Anyone who is telling you otherwise is jerking you aroung.  The act requires it to be at least 20%.  If you don't believe it go to the article on this web site and you sill see that you can get beat out for less than a penny.

http://www.taxsaleproperty.org/Articles/Penny-Saved-Cottage-Lost.html